Four straight decades of precise and transparent financial reporting in Flossmoor have not gone unnoticed, and they have saved residents thousands in tax dollars, officials say.
The Government Finance Officers Association (GFOA) has awarded the village a certificate of achievement for excellence in financial reporting for its fiscal year 2017 comprehensive annual financial report (CAFR). Flossmoor has now received the award 40 years in a row.
The GFOA is a North American organization of public finance officials whose mission is to “advance excellence in state and local government financial management,” according to its website.
Flossmoor Finance Director Scott Bordui presented Mayor Paul Braun and the Village Board with a plaque on behalf of the GFOA during the Sept. 4 board meeting.
Bordui said Flossmoor is part of an elite group to have received this honor. Only 5.79 percent of cities, towns and villages in the United States are given this recognition, and only 1.05 percent have populations of less than 10,000, he said.
“This is really a triumph for local government, and I say that especially when you look at the financial management we see just south of us in Springfield,” Bordui said. “This really shows what happens when local government controls their own destiny, at least when it comes to financial reporting.”
Flossmoor’s CAFR has been judged by an impartial panel to demonstrate a full spirit of disclosure by clearly communicating its financial story, according to a GFOA news release.
Bordui said Flossmoor’s credit rating has been upgraded twice since the 2000s and is now AA+, which has allowed for lower interest costs and property taxes over the years. The GFOA certificate is considered a positive attribute toward that rating, he said.
“When you think about generally a whole decade of that period we were operating under an absolutely miserable economy, to receive those upgrades during that time is truly a special achievement,” Bordui said.
Bordui said village officials should not be complacent about receiving the award because it is becoming more difficult to achieve every year.
“The level of sophistication needed to achieve this award continues to elevate,” he said. “It changes with GASB (Governmental Accounting Standards Board), the Affordable Care Act, and various legal mandates continue to challenge staff to simply keep up.”
Mayor Paul Braun said the GFOA certificate is confirmation that Flossmoor’s staff and board are doing a good job when it comes to financial reporting and accountability.
“That speaks volumes here in terms of Flossmoor’s ability to communicate our financial status and financial information to the residents,” Braun said. “It’s kudos to our finance director, finance department, village staff and village board.”
In other news, the board approved a building permit fee waiver in the amount of $9,385 for The Center for Dental Excellence, 19615 Governors Highway. The CDE’s plans include building a 4,000 square-foot addition to its current structure.
The board had asked the business owners to revise their proposal for economic incentives during its Aug. 6 meeting. The owners previously requested $10,000 in assistance for landscaping costs, which the board did not support.